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Starwood Sells Milan Hotel for $300M

MILAN-Part of the prestigious CIGA portfolio, the Hotel Principe di Savoia is under contract to the London-based Dorchester Group. The sale is expected to close in late June.

By Glen Thompson | Updated on March 05, 2003

MILAN-Starwood Hotels & Resorts Worldwide Inc. has found a buyer for another piece of the exclusive CIGA portfolio. The London-based Dorchester Group Ltd. will purchase the Hotel Principe di Savoia for roughly $300 million.

The Dorchester Group has put down a “significant non-refundable deposit” on the 404-room luxury property, Starwood officials say. The sale is expected to close in late June. Proceeds will be used to retire debt.

“This was a rare and very timely opportunity to buy an outstanding property which matched our acquisition requirements in every way,” says Ricci Obertelli, director of operations for the Dorchester Group. “The Principe di Savoia is an excellent investment with potential for a good financial return, it enjoys a superb location in a gateway city, has a sense of tradition and history, and is architecturally of interest.”

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